Nairametrics| The Minister of Finance Kemi Adeosun met with fellow Finance Ministers at a meeting convened by the G24 Group to discuss strategies to drive non-oil revenue growth and achieve inclusive growth.
Speaking after the meetings, the Minister once again reiterated government’s plans to focus on tax collection as a driver for increased non-oil revenue in the country. She explained why this is important’
“Revenue mobilisation is critical to the success of Nigeria’s economic reform agenda. We have an unacceptably low level of non-oil revenue, and much of that is driven by a failure to collect tax revenues. With a tax to GDP ratio of only 6%, one of the lowest levels in the world, we have a lot of work to do if we are going to build a sustainable revenue base that will deliver inclusive growth.
The Nigerian government has been criticised of not having the right strategy to capture more tax payers into the tax net as it has continually failed to deliver the promise of an increase in non-oil tax revenue. Mrs Adeosun however, provided an insight into how they could execute their promise this time;
Our data gathering programme over the last year has now given us the tools we need to be more aggressive at pursuing tax avoiders, both domestically and abroad.
Just like some of our contemporaries in the G24 have done successfully, we are going to focus on tax in 2017 through an asset and income declaration scheme to address our low tax revenue collection and ensure improved compliance, a broader tax base and more sustainable revenue. This is fundamental to delivering on our reform plans.”
She also explained that the government will also balance its tax drive with accountability and transparency.
“While we focus on raising revenue’s and bringing people into the tax system, we must be equally aggressive in our approach to budget implementation and transparency. Our people must know where their hard earned tax contributions are being spent and the impact that they are having on national development, and the daily lives of citizens. This will be a core focus for us.”
